On 1 July ASIC announced that it had commenced criminal proceedings against officers of the Wespoint companies for breaches of the corporations act. In a separate matter Rundle was found guilty by a Sydney jury of making misleading statements to a financial institution in support of a $71 million credit facility to fund a Westpoint project.
On 5 July 2011 ASIC announced that it has permanently banned a Victorian finance broker from engaging in credit activities after being convicted of serious fraud offences. She is Ms Kristy Ann Lake, of Kew East, Victoria, a former director and secretary of Clearwater Financial Systems.
On 21 July 2011 ASIC announced former Firepower group chairman Timothy Francis Johnston and former financial adviser Quentin Ward have been banned from managing companies for a combined total of 26 years, following an application by ASIC.